Why Catalent Stock Was in the Red Again Today
Beleaguered healthcare stock (NYSE: CTLT) took the latest in a series of drubbings on the market Tuesday. This one wasn't as bad as those of previous sessions, although that was surely cold comfort at best to the company's shareholders. Ultimately the shares closed the day more than 1% lower, while the S 500 index only dipped by 0.5%.
Currently enduring a perfect storm of bad news, Catalent has recently been the target of a clutch of analyst price target cuts. Two more hit the specialty healthcare stock on Tuesday, with one being accompanied by a recommendation downgrade.
That came from was Bank of America, in the person of analyst Derik de Bruin. In knocking his recommendation down one peg from neutral to underperform (i.e., sell), he made a drastic cut to his price target. He now feels Catalent stock is worth $28 per share, quite some distance down from his previous level of $49.
Source Fool.com
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